7,139 Reliance, Inc. $RS Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA decreased its holdings in Reliance, Inc. (NYSE:RS) by 14.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,248 shares of the industrial products company’s stock after selling 7,139 shares during the period. Pictet Asset Management Holding SA owned 0.08% of Reliance worth $16,256,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Investment Management Corp VA ADV increased its position in shares of Reliance by 8.3% during the third quarter. Investment Management Corp VA ADV now owns 1,836 shares of the industrial products company’s stock valued at $706,000 after buying an additional 140 shares during the period. Parallel Advisors LLC increased its holdings in shares of Reliance by 4.7% in the third quarter. Parallel Advisors LLC now owns 2,057 shares of the industrial products company’s stock worth $791,000 after purchasing an additional 92 shares during the period. CenterBook Partners LP increased its stake in Reliance by 297.1% in the 3rd quarter. CenterBook Partners LP now owns 9,057 shares of the industrial products company’s stock worth $3,485,000 after acquiring an additional 6,776 shares during the last quarter. Heritage Family Offices LLP purchased a new stake in shares of Reliance in the 3rd quarter valued at about $175,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of Reliance during the 3rd quarter valued at about $299,000. 79.26% of the stock is owned by institutional investors.

Key Stories Impacting Reliance

Here are a few of the latest stories about RS:

• Positive Sentiment: Barclays upgraded Reliance from “equal weight” to “overweight” and raised its price target to $507 from $445, implying 17% upside from the cited $433.49 price. Tickerreport coverage
• Positive Sentiment: A Zacks article names Reliance among momentum-stock picks, alongside Arrow Electronics and PBF Energy, citing momentum after recent pullbacks. Zacks article
• Neutral Sentiment: A Yahoo Finance article asks whether Reliance can repeat its performance over the past five years; the headline provides historical-performance context but no specific new company catalyst. Yahoo Finance article

Insider Buying and Selling at Reliance

In other news, COO Stephen Koch sold 8,334 shares of the business’s stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $430.87, for a total value of $3,590,870.58. Following the sale, the chief operating officer directly owned 8,209 shares of the company’s stock, valued at $3,537,011.83. The trade was a 50.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.40% of the company’s stock.

Reliance Stock Up 0.8%

Shares of Reliance stock opened at $433.49 on Friday. The company has a current ratio of 4.12, a quick ratio of 2.22 and a debt-to-equity ratio of 0.21. Reliance, Inc. has a 12-month low of $263.12 and a 12-month high of $454.93. The company has a market cap of $22.08 billion, a P/E ratio of 20.21, a PEG ratio of 0.85 and a beta of 0.95. The company’s fifty day simple moving average is $407.93 and its two-hundred day simple moving average is $373.04.

Reliance (NYSE:RS) last announced its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $8.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.83 by $1.19. Reliance had a net margin of 6.38% and a return on equity of 15.31%. The company had revenue of $5.21 billion for the quarter, compared to analysts’ expectations of $4.74 billion. During the same quarter in the previous year, the company earned $3.64 earnings per share. Reliance’s quarterly revenue was up 42.8% on a year-over-year basis. Research analysts anticipate that Reliance, Inc. will post 26.54 EPS for the current year.

Reliance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Shareholders of record on Friday, November 20th will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, November 20th. Reliance’s dividend payout ratio is 23.31%.

Analyst Ratings Changes

RS has been the topic of several research reports. KeyCorp raised their price objective on shares of Reliance from $421.00 to $437.00 and gave the company an “overweight” rating in a research report on Monday, October 26th. Zacks Research upgraded Reliance from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 3rd. Weiss Ratings downgraded Reliance from a “buy (b)” rating to a “hold (c)” rating in a research report on Wednesday, October 28th. Wall Street Zen upgraded shares of Reliance from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 31st. Finally, Citigroup increased their target price on shares of Reliance from $420.00 to $460.00 and gave the company a “neutral” rating in a report on Friday, November 6th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $415.50.

About Reliance

Reliance, Inc. is a metal service center company that distributes metals and provides processing services to customers across a range of industries. Its products include carbon steel, stainless steel, aluminum, alloy steel, brass, copper and other metals. The company processes materials to customer specifications through services such as cutting, sawing, slitting, machining, forming and laser, plasma or waterjet cutting. These services help customers prepare metal for use in manufacturing, construction, transportation, energy and other applications.